The IHG Rewards Club Premier Credit Card from Chase has a bonus of 140,000 points right which is the highest it has ever been. This should get you at least several free nights at IHG brand Hotels including; Holiday Inn, Crown Plaza, Candlewood Suites, InterContinentals and more. Redemptions start at 5k points, so you could possibly get up to 28 free nights out of the bonus (not counting the 4th night free.) I'm not sure if you will be able to find them at that rate but I have been able to find redemptions for 10,000 at Candlewood Suites.
The minimum spend is $3,000 to get the bonus. The $89 annual fee is higher than the old IHG card ($49). Benefits include a $100 statement credit toward Global Entry or TSA Pre-Check every 4 years, purchase and travel protection, cell phone protection of up to $800 per claim and $1000/year when you use it to pay your bill and a free anniversary night every card anniversary. So if you keep the card and use the Anniversary night alone you would be getting your money's worth. The anniversary night can be up to 40,000 points. If you have the old card do not upgrade it! You can have both cards and enjoy the benefits of both.
Spending on this card will only earn a good rate of return when spending at IHG. IHG points are worth about .6 cents which is considerably less than Ultimate Reward Points. You can earn 25 points per dollar at IHG including the 10 for being an IHG rewards club member, but I have enough points I will not be doing this anytime soon. For restaurants, groceries and gas stations your earn 2 pts/dollar and 1 on everything else.
By holding the card you also get Platinum Elite Status, which has some reasonable perks like complimentary room upgrades and earning extra points. You also get the fourth reward night for free which is a great benefit.
I like this card so much that I made my wife get it even though I have the old IHG card as well. We hate spending money on hotels, but with around 300,000 points we won't have to worry about that for awhile.
Mike
Tuesday 11 February 2020
Getting your First Business Credit Card
A few weeks ago I applied for the Chase Ink Cash Business Credit Card and after waiting a few days I called Chase (888-338-2586) to check the application status. I was happy to hear it was approved. Now I am on my way to earning 50,000 Chase Ultimate Reward Points which can be transferred to many airlines or hotels since I have the Chase Sapphire Reserve card.
The card earns 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. It also earns 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year and 1% back on everything else. There is no annual fee.
As you may already know, many banks including Chase will reject your application for a new card if you have already applied for and received 5 cards (including authorized users) in the last 24 months. This is referred to as the 5/24 rule. The great thing about a business Credit card is it does not count toward this number. You still have to be under 5 when you apply for the first one, but once you have a business credit line it is separate from your personal credit.
Do you Qualify?
Many people do not think they would qualify for a business credit card, but the truth is anyone who does a little on the side does. That means if you sell things online, mow lawns, etc. you technically have a business. That does not mean you will be automatically approved for a business credit card, but if you have decent credit you probably will be.
Applying
When you apply for your first Business credit card, just be honest on the application about how much your business makes, expects to make, or if you have not made any money just put that. Businesses still have expenses even if they have not made a cent and banks know this. I would err on the side of underestimating your business income in case they want you to prove it. Under the description choose the category that best fits your business. If you have a sole proprietorship you will put your name for the name of the business and use your SSN instead of a EIN. If the card issuer suspects you are not being honest or if you are applying for a harder to get card like the Chase Ink Preferred Card they may ask for more information. This happened to a friend of mine and also to me when I applied for the Alaska Airlines Visa Business Card. Bank of America asked for proof of a registered business and also a copy of my taxes. Since I have a sole proprietorship I was not able to provide an EIN and gave up. With Chase it may have helped that I have a checking account with them and several cards, so I had no trouble.
Summary
If you are feeling unsure about applying for a business card be assured there is no reason you won't be approved for one as long as you are honest and have reasonable credit. The main benefit is that once you have a Business Credit line you will be able to get more credit card bonuses without going above your personal 5/24 rule. You can also get two of the same credit cards this way (personal and business versions) and really rack up some bonus points.
Mike
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